Mortgage Lending Reaches 5-Year High

Mortgage lending jumped to a five-year high last year, driven by a sharp rise in refinancing as borrowers rushed to lock in the lowest mortgage rates in at least 60 years, according to a Federal Reserve report.

The report, which was released Wednesday by central-bank researchers, found that lenders originated nearly 9.8 million mortgages in 2012, up 38% from 7.1 million in 2011, which had been a 16-year low. Last year's levels,...